27,840 M&T Bank Corporation $MTB Shares Bought by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its M&T Bank stake by 1,288.9% in the third quarter, purchasing 27,840 additional shares for a total position of 30,000 shares valued at approximately $6.5 million. Institutional investors collectively own 84.68% of the company.
• Analyst sentiment remains mixed, with eight Buy, thirteen Hold and two Sell ratings. M&T Bank has an average rating of Hold and an average price target of $244.89.
• M&T Bank exceeded quarterly earnings expectations, reporting $5.08 in EPS versus the $4.93 consensus estimate, while maintaining a quarterly dividend of $1.50 per share, equivalent to a 2.7% yield. Insiders sold roughly $4.8 million of stock over the past three months.

International Assets Investment Management LLC raised its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 1,288.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,000 shares of the financial services provider's stock after purchasing an additional 27,840 shares during the quarter. International Assets Investment Management LLC's holdings in M&T Bank were worth $6,528,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in shares of M&T Bank in the second quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider's stock valued at $252,414,000 after acquiring an additional 26,486 shares in the last quarter. Davis Asset Management L.P. bought a new stake in shares of M&T Bank during the second quarter valued at approximately $97,584,000. Hsbc Holdings PLC increased its position in shares of M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider's stock valued at $94,364,000 after acquiring an additional 62,877 shares in the last quarter. Finally, Amundi raised its holdings in M&T Bank by 7.7% in the 2nd quarter. Amundi now owns 388,916 shares of the financial services provider's stock worth $92,566,000 after acquiring an additional 27,795 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MTB has been the topic of several analyst reports. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Monday, July 20th. Citigroup lifted their target price on M&T Bank from $225.00 to $230.00 and gave the stock a "neutral" rating in a report on Wednesday, October 21st. Wolfe Research cut M&T Bank from a "peer perform" rating to an "underperform" rating and set a $198.00 price target for the company. in a research note on Tuesday, October 27th. Barclays upped their price target on M&T Bank from $236.00 to $267.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Finally, Keefe, Bruyette & Woods increased their price objective on M&T Bank from $242.00 to $250.00 and gave the company a "market perform" rating in a research report on Thursday, July 16th. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $244.89.

Insider Buying and Selling at M&T Bank

In related news, CEO Rene F. Jones sold 19,396 shares of M&T Bank stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares of the company's stock, valued at $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the sale, the director owned 3,649 shares of the company's stock, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,028 shares of company stock worth $4,794,884 over the last three months. Insiders own 0.44% of the company's stock.

M&T Bank Stock Down 0.1%

MTB opened at $220.43 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54. The firm has a 50 day moving average price of $226.23 and a 200-day moving average price of $225.03. M&T Bank Corporation has a twelve month low of $179.75 and a twelve month high of $255.95. The stock has a market capitalization of $31.83 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.28 and a beta of 0.61.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter in the prior year, the firm earned $4.82 earnings per share. Equities research analysts forecast that M&T Bank Corporation will post 19.48 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were paid a dividend of $1.50 per share. The ex-dividend date was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. M&T Bank's payout ratio is currently 31.32%.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company's offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.

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